Following the conclusion of the Swell 2018 conference and the diminishing excitement that was revolving around xRapid, Ripple (XRP) has managed to return to the 0.52 US dollar level. According to some experts and analysts, the depreciation of price is seen as a concerted manipulation by the mother company, however, even after its recent surge, Ripple (XRP) still displays limited chances of rising to the 0.76 US dollar mark in the short run.
However, Ripple (XRP) still tops the list of the one of the best performing digital asset in the market in the past month, surging upwards from lows of 0.30 US dollars and managing to maintain parts of the gains. On the other hand, the digital coin was met with a lot of skepticism yet again reviving the debate that XRP is not critical to the operations of the Ripple payment network.
In the past 24-hours, Ripple (XRP) gradually depreciated from around 0.56 US dollars to 0.52 US dollars as of now, concluding the day’s trade volumes to about 877 million US dollars. The digital asset is extremely active on one of Japan’s famous cryptocurrency exchange, Bitbank, where more than 124 million US dollars’ worth of trading is located, against the Japanese yen.
Currently, Ripple (XRP)is standing at the third position in the list of most significant virtual currencies regarding Market Cap. At the time of writing, CoinMarketCap reports that Ripple (XRP) is trading at about 0.519 US dollars (-2.27 percent) with a market cap of 20.7 billion US dollars.
According to Binance, today’s high for Ripple’s default cryptocurrency, XRP, was at 0.57107 US dollars while its day’s low was at about 0.51 US dollars (XRP/USD Pair). Still, on the Binance platform, XRP’s performance is up by 0.15 percent from last week. Currently, Binance is among the leading crypto exchanges in the world that are assisting XRP in replacing Bitcoin in gaining the interest of Japanese traders and investors.
Ripple (XRP) highest rated virtual coin on Binance
Ripple’s XRP has been nominated as the best virtual money to send and receive funds between exchanges by users, thanks to the speed and cost of transactions related to the virtual currency.
As you might know by now, Ripple (XRP) can settle cross-border settlements in less than 4 seconds with fees running up to about 0.00001 XRP’s per transaction. Considering that Ripple’s default currency, XRP is a settlement and liquidity digital asset, it can be used for settlements of unrelated currencies such as commodities and fiat currencies.
Binance Ratings have availed the information after the exchange incorporated the XRP/USD pair on their platform.
Other digital currencies that were competing against Ripple (XRP) are the likes of Bitcoin, Cardano, Ethereum, Litecoin, Zcash among other cryptocurrencies.
On the ratings, Ethereum and Cardano managed to garner 4.5 stars out of 5 stars while Bitcoin received 4 out of 5. AdToken was the least voted currency with two stars out of five. AdToken is a virtual currency of the AdChain project that incorporates a sequence of interoperable open protocols based on the public Ethereum blockchain.
Brief Ripple Profile
Ripple’ XRP is undeniably one of the most significant digital assets in the crypto market today. Launched on 2ndFebruary 2013, XRP has its total supply of digital coinage standing at about 100 billion coins with its circulating supply believed to be over 39 billion coins.
As stated earlier, XRP’s market capitalization stands just above 20 billion US dollars currently, with each coin exchanging at 0.519 US dollars. It is only Bitcoin and Ethereum that beats Ripple in the race of being the most relevant cryptocurrency in the market and with its introduction into the Binance platform and its high rankings by users there; only positive outcomes can be expected.
Ripple (XRP) Price Is Following Uptrend: BTC & ETH Continue To Struggle
- Ripple price started a fresh increase and it surged above $0.3000 against the US dollar.
- The price is currently correcting higher after trading to a new monthly high near $0.3040.
- Earlier, there was a break above a declining channel with resistance near $0.2860 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is slowly correcting lower and it could find bids near the $0.2940 and $0.2920 levels.
Ripple price is moving nicely in a positive zone against the US Dollar and bitcoin. XRP price remains in an uptrend above $0.2900, while ETH and BTC are struggling.
Ripple Price Analysis
Yesterday, we saw a downside correction in ripple below the $0.2850 support area against the US Dollar. XRP price traded as low as $0.2783 and recently started a fresh increase. It is up more than 4% and cleared many hurdles near the $0.2900 and $0.2920 resistance levels. Moreover, there was a close above the $0.2900 level and the 100 hourly simple moving average.
During the rise, there was a break above a declining channel with resistance near $0.2860 on the hourly chart of the XRP/USD pair. The pair gained momentum above the $0.2950 and $0.3000 resistance levels. A new monthly high is formed near $0.3040 and the price is currently correcting. It is trading below the 23.6% Fib retracement level of the recent wave from the $0.2783 low to $0.3040 high.
On the downside, an immediate support is near the $0.2940 level. However, the main support is near the $0.2920 level. Additionally, the 50% Fib retracement level of the recent wave from the $0.2783 low to $0.3040 high is also near the $0.2915 level to provide support. If there are more downsides, ripple price could revisit the $0.2880 support area and the 100 hourly SMA.
On the upside, an initial resistance is near the $0.3000 and $0.3020 levels. If there is a successful close above $0.3020, the price could surge above the $0.3040 and $0.3050 levels in the near term. The next stop on the upside is near the $0.3100 level.
Looking at the chart, ripple price is showing a lot of positive signs above the $0.2920 support area. Therefore, there are high chances of a decent upward move above the $0.3000 in the coming sessions. Only a close below $0.2880 may perhaps negate the current positive bias and start a fresh decline.
Hourly MACD – The MACD for XRP/USD is gaining strength in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 50 level.
Major Support Levels – $0.2940, $0.2920 and $0.2880.
Major Resistance Levels – $0.3000, $0.3020 and $0.3040.
Ripple (XRP/USD) forecast and analysis on October 18, 2019
Cryptocurrency Ripple (XRP/USD) is trading at 0.2828. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Ripple. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator stripes.
Ripple (XRP/USD) forecast and analysis on October 18, 2019
As part of the Ripple course forecast, a test level of 0.2780 is expected. Where should we expect an attempt to continue the growth of XRP/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 0.3080. The conservative buying area for Ripple is located near the lower border of the Bollinger Bands indicator strip at 0.2750.
Cancellation of the option to continue the growth of the Ripple rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as the moving average with a period of 55 and the closing of quotations of the pair below the area of 0.2580. This will indicate a change in the current trend in favor of a bearish for XRP/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Ripple (XRP/USD) forecast and analysis on October 18, 2019 implies a test level of 0.2780. Further, growth is expected to continue to the area above the level of 0.3080. The conservative area for buying Ripple is located area of 0.2750. The cancellation of the option of cryptocurrency growth will be a breakdown of the level of 0.2580. In this case, we should expect the continuation of the fall.
What Ripple’s Investment in Swedish Startup Towo Labs Means for XRP HODLers
Xpring, Ripple’s investment and incubator arm, announced on Wednesday (October 16) that it had invested in Swedish startup Towo Labs, which is developing open-source firmware that will allow popular hardware wallets to provide full support for the XRP Ledger (XRPL), which means that XRP HODLers will be able to use all 17 XRPL transaction types in a secure non-custodial fashion.
Xpring’s announcement says that that Towo Labs is the team that created the extremely useful resource XRP Toolkit, which provides a “trustless, non-custodial web interface to the XRP Ledger.”
Towo Labs’ advisors include Matvey Mukha, Founder of Secalot, and Wietse Wind, Founder of XRPL Labs.
Towo Labs’ talented team consists of just three software engineers: Markus Alvila (also the startup’s founder), Patrik Sletmo, and Silas Lenz.
Alvila explained via a blog post what this strategic investment from Xpring means support for the following two projects
- Supporting All XRPL Transaction Types on Hardware Wallets.
- New XRP Toolkit with Full Hardware Wallet Support.
Featured Image Courtesy of Towo Labs